Endorsement (of negotiable instruments)

Endorsement (ciro) is the transfer of the rights embodied in a promissory note, bill of exchange or cheque through a signed notation on the instrument, usually on its back, combined with delivery of the document.

An endorsement may name the transferee or consist of a signature alone, known as a blank endorsement. It must be unconditional, and a partial endorsement is void. Endorsement does more than transfer the claim: the endorser in principle becomes liable to subsequent holders if the instrument is not paid.

The Turkish word ciro also colloquially means business turnover, which is entirely unrelated to this legal concept. In practice, confusing endorsements made for collection purposes with those made for transfer can also lead to loss of rights.